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Austrian Economics and Entrepreneurship

Author

Listed:
  • Matthew McCaffrey
  • Per L. Bylund
  • Peter G. Klein

Abstract

This monograph surveys the rich history of entrepreneurship research within and inspired by the “Austrian” school of economics. Unlike most schools of the past 150 years or so, the Austrian tradition places entrepreneurship at the heart of economic theory and practice. Understanding the entrepreneurial “function” in society is vital for explaining the real-world market process, but also for a proper understanding of the fundamental concepts and theories of economics. These include action, choice, exchange, prices, supply and demand, money, capital, competition, economic development, and business cycles, to name only a few. In this monograph we survey the development of Austrian theories of entrepreneurship, examining the contributions of leading members of the tradition in addition to those of some lesser-known writers, adjacent scholars, and fellow-travelers. We then explore some ways in which Austrian work contributes to modern entrepreneurship research, especially through the Judgment-Based Approach. We conclude with a discussion of the professional roles now played by Austrians in the contemporary entrepreneurship discipline.

Suggested Citation

  • Matthew McCaffrey & Per L. Bylund & Peter G. Klein, 2024. "Austrian Economics and Entrepreneurship," Foundations and Trends(R) in Entrepreneurship, now publishers, vol. 20(1), pages 1-108, June.
    • Handle: RePEc:now:fntent:0300000118
    DOI: 10.1561/0300000118
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    References listed on IDEAS

    as
    1. Oliver E. Williamson, 2000. "The New Institutional Economics: Taking Stock, Looking Ahead," Journal of Economic Literature, American Economic Association, vol. 38(3), pages 595-613, September.
    2. Seelos, Christian & Mair, Johanna, 2005. "Social entrepreneurship: Creating new business models to serve the poor," Business Horizons, Elsevier, vol. 48(3), pages 241-246.
    3. Witt, Ulrich, 1998. "Imagination and leadership - The neglected dimension of an evolutionary theory of the firm," Journal of Economic Behavior & Organization, Elsevier, vol. 35(2), pages 161-177, April.
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